Lower Caps

For: April 01, 2010
SYMBOL	DOWNWARD CAP	TIME	PREVIOUS RATE	CURRENT RATE	TURNOVER BEFORE CAP	TURNOVER AFTER CAP
AASM	47.5	1510060009	49.99	47.5	1105
AGSML	3.8	0956520031	4.8	4.11
BCL	34.67	1007330025	36.49	34.73	8094	20371
CLOV	40.84	1011490008	42.98	41.25	1502	3978
CSMD	6	1436210028	7	6	39460
FRCL	2.49	1504230020	3.49	2.49	3001
ISILR	81.46	1128090011	85.74	81.46
KCL	9	1106570031	10	10.5		5001
MEHT	49.78	1050080014	52.4	51.97	764	50
MSOT	24.24	1242380020	25.51	24.24	13051	3215
MSOTR	1.4	1431350024	2.4	1.41	382203	104152
SBLR	.01	1103430002	.03	.02		141226
SRVI	295.25	1416080008	310.78	295.25	1203348	286020
TREET	82.05	1504490007	86.36	82.11	280018	39855

Lower Caps

Upper Caps

For: April 01, 2010
SYMBOL	UPWARD CAP	TIME	PREVIOUS RATE	CURRENT RATE	TURNOVER BEFORE CAP	TURNOVER AFTER CAP
AHTM	19	1408070005	18	19
ALNRS	30.42	1005160033	28.98	30.42	48604	48268
ATEL	19.45	1003330021	18.45	19.45	13340	7976
BAFS	14.5	0932100050	13.5	14.5		7488
DLL	61.96	1012160034	59.01	59.89	1046	28872
EXIDE	209.39	1254310020	199.42	209.39	19232	1790
FASM	27.3	1146560005	26	27.3
FCSC	8.45	1037280049	7.45	8.33	1212792	1241096
GLPL	87.15	0950050030	83	87.15		172
GTYR	28.15	1031110002	26.81	27.77	7236	42478
GUTM	19.5	1133590013	18.5	19
HUSS	10.25	1100580016	9.25	10.25
IBLHL	10.32	1044440013	9.32	10.03	356862	394462
JDMT	23.65	1026340003	22.53	21.45		2150
JOVC	8.81	1116190002	7.81	8.55	1245544	804132
KAPCO	47.21	1406160009	44.97	46.07	949528	3082418
LPGL	26.25	1002580055	25	26.25
NAKI	10.65	1201260009	9.65	10.64	1000	202
NESTLE	1344	1036160020	1280	1339.96	336	256
NMLR	16.45	1022390028	15.45	16.43	724612	1463604
PAEL	16.08	1050310014	15.08	15.75	125110	299366
PKGS	136.5	1145510005	130	136.34	87704	241706
PSEL	122.8	0947560036	116.96	114.86		36
SCL	43.87	1153010002	41.79	42.45	260	2
SHCM	8.5	1157180009	7.5	8.4
SRVI	326.31	0943590044	310.78	295.25	11434	211894
SSGC	22.18	1235240020	21.13	22.18	1340748	335724
STML	19.84	1213210012	18.84	19.84
THALL	85.03	1251280046	80.99	85.03	262798	8218
ULEVER	3641.94	1011500043	3468.52	3641.94	3294	7966

Upper Caps

Quote

"Basic research is what I am doing when I don't know what I am doing." -
Wernher von Braun

Quote

China Mobile Looking for a Bank Acquisition in Pakistan

China Mobile is looking into options for acquiring a bank in Pakistan,
to capture long term mobile financing potential in the market, told us
highly reliable source in Ministry.

For the purpose a China Mobile Communication Corporation delegation,
headed by Chairman CMCC Wang Jianzhou is visiting Pakistan. It has met
several key personals including Governor State Bank of Pakistan, Sardar
Latif Khosa, Advisor to PM for IT& Telecom and Chairman PTA.

China Mobile has expressed its seriousness about Mobile Banking in
Pakistan in the past; however, this activity marks as the starting point
for the execution of China Mobiles plan for jumping into financial services.

We know that Orascom has been putting efforts to get a bank in Pakistan,
for almost similar reasons; however, it has taken longer than enough
time to close any deal.

It merits mentioning here that China Mobile has recently invested $ 5.8
billion in Shanghai bank. Through this deal, China Mobile will be able
to offer mobile finance and mobile e-commerce businesses encompassing
mobile phone payments, mobile bank cards and mobile funds transfers.

China Mobile Looking for a Bank Acquisition in Pakistan

Think twice before investing in Sukuk

Reportedly Ministry of Finance has finalized the plan to issue Rs100 billion Sukuk before the end of the current financial year to retire inter-corporate debt ailing energy chain, from power generation to exploration and production companies.
The government is all set to issue the said Sukuk and aims at investors looking for Riba-free income generating products. Other entities, particularly Islamic banks would be able to invest in instruments, which also qualify for meeting statutory liquidity reserve requirement of the central bank.
However, the recent default of Maple Leaf Cement Sukuk and a few other players of the sector demands investors should complete due diligence rather more carefully. Maple Leaf has now asked the investors to restructure the Sukuk at its terms. This will put the financial institutions at a disadvantageous position.
Allied Bank was able to withstand the dent only because of the size of its investment but other investors got the real jolt. Investors also questioned the credibility of the Shariah Advisor. It is true that under Shariah arrangements the basis of participation is profit and loss sharing. However, as Ameen (custodian of funds) the Shariah Advisor is also required to minutely examine the business model to minimise losses.
The second point is that cement industry is highly leveraged (substantial borrowing) and it was but obvious that any reduction in gross margins could turn the profit and loss statement red. This side of the business was not taken care of.
The issue of inter-corporate debt is even trickier. In desperation the government had issued term finance certificates (TFCs) twice, amounting to Rs165 million. Some of the banks have declined government's offer as they didn't find the proposition prudent.
It seems that fearing lukewarm response from the conventional commercial banks, the government now wants to convince those who are looking for Shariah compliant investment opportunities. The only concern of the financial analysts is the fate of Sukuks issued to resolve inter-corporate debt which could be even riskier than those issued by the cement manufacturers.
Demand for energy is on the rise and top line of the players enjoyed growth potential but rising cost of power generation, mounting receivables and efforts to maximise petroleum development levy collection have only ballooned the circular debt. In such a scenario investing in Sukuks for the resolution of inter-corporate debt could prove disastrous. Islamic banks and asset management companies ought to be more careful after cement manufacturers Sukuk tragedy.

Think twice before investing in Sukuk

Announcements

American Life	31-Mar-10	10:00:32	BOOK CLOSURE FROM 24/04/2010
American Life	31-Mar-10	10:00:32	EPS = 2.16
American Life	31-Mar-10	10:00:32	PROFIT/LOSS AFTER TAXATION RS. IN MILLION 107.905
American Life	31-Mar-10	10:00:32	PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 141.555
American Life	31-Mar-10	10:00:32	BOOK CLOSURE TO 30/04/2010
American Life	31-Mar-10	10:00:32	FINANCIAL RESULT FOR THE YEAR ENDED 31/12/2009
American Life	31-Mar-10	10:00:32	ANNUAL GENERAL MEETING WILL BE HELD ON 30/04/2010
Prud Mod.1st	31-Mar-10	10:27:54	EPS = 0.25
Prud Mod.1st	31-Mar-10	10:27:54	PROFIT/LOSS AFTER TAXATION RS. IN MILLION 21.516
Prud Mod.1st	31-Mar-10	10:27:54	PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 21.516
Prud Mod.1st	31-Mar-10	10:27:54	FINANCIAL RESULT FOR THE HALF YEAR ENDED 31/12/2009
Ittefaq Gen.Ins.	31-Mar-10	13:20:51	EPS = (0.51)
Ittefaq Gen.Ins.	31-Mar-10	13:20:51	PROFIT/LOSS AFTER TAXATION RS. IN MILLION (0.510)
Ittefaq Gen.Ins.	31-Mar-10	13:20:51	PROFIT/LOSS BEFORE TAXATION RS. IN MILLION (0.510)
Ittefaq Gen.Ins.	31-Mar-10	13:20:51	FINANCIAL RESULT FOR THE YEAR ENDED 31/12/2009

Announcements

Announcements (Adamjee Insurance + Wyeth)

Wyeth Pak Ltd.	30-Mar-10	13:14:03	EPS = 14.23
Wyeth Pak Ltd.	30-Mar-10	13:14:03	FINANCIAL RESULT FOR THE FIRST QUARTER ENDED 28/02/2010
Wyeth Pak Ltd.	30-Mar-10	13:14:03	PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 44.918
Wyeth Pak Ltd.	30-Mar-10	13:14:03	PROFIT/LOSS AFTER TAXATION RS. IN MILLION 20.226
Adamjee Insurance	30-Mar-10	15:29:49	BOOK CLOSURE TO 26/04/2010
Adamjee Insurance	30-Mar-10	15:29:49	BOOK CLOSURE FROM 17/04/2010
Adamjee Insurance	30-Mar-10	15:29:49	ANNUAL GENERAL MEETING WILL BE HELD ON 26/04/2010
Adamjee Insurance	30-Mar-10	15:29:49	EPS = 21.65
Adamjee Insurance	30-Mar-10	15:29:49	PROFIT/LOSS AFTER TAXATION RS. IN MILLION 2,434.483
Adamjee Insurance	30-Mar-10	15:29:49	PROFIT/LOSS BEFORE TAXATION RS. IN MILLION 2,595.166
Adamjee Insurance	30-Mar-10	15:29:49	BONUS ISSUE = 10%
Adamjee Insurance	30-Mar-10	15:29:49	DIVIDEND = 15%(F)
Adamjee Insurance	30-Mar-10	15:29:49	FINANCIAL RESULT FOR THE YEAR ENDED 31/12/2009

Announcements (Adamjee Insurance + Wyeth)